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Libya's oil impasse

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Report summary

Since mid 2014 two competing governments and militias allied to them have contested Libya's legitimacy. With neither side holding the military balance of power a stalemate has ensued. The eastern House of Representatives (HoR) assembly has set up a parallel rival National Oil Company (NOC) and Central Bank in an attempt to dominate oil revenues and side line the Tripoli based NOC and Central Bank two of the last functioning state institutions. So far its attempts to persuade IOCs and crude buyers bypass the capital have failed. IOCs will likely continue to honour contracts signed with the Tripoli based NOC under western pressure and the uncertain legality of dealing with a new eastern entity. Libya's oil production has declined steeply again since recovering from the civil war of 2011. We anticipate a long drawn out recovery punctuated by stop start production as militias use oil and gas infrastructure to leverage influence.

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    Libya's oil impasse

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  • Libyan oil and gas fields and infrastructure under force majeure
  • Libyan oil and gas production and foreign currency (2008-2030)

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